PDL BioPharma, Inc (PDLI) swung to a net loss for the quarter ended Dec. 31, 2016. The company has made a net loss of $10.34 million, or $ 0.06 a share in the quarter, against a net profit of $100.57 million, or $0.61 a share in the last year period. On an adjusted basis, net loss for the quarter was $8.62 million, when compared with net profit $93.01 million in the last year period. Revenue during the quarter plunged 62.66 percent to $66.49 million from $178.06 million in the previous year period. Operating margin for the quarter stood at negative 11.53 percent as compared to a positive 90.72 percent for the previous year period.
Operating loss for the quarter was $7.67 million, compared with an operating income of $161.53 million in the previous year period.
“2016 was a transformational year for PDL; one in which we took advantage of opportunities in the specialty pharma space as another tool to increase shareholder value,” said John P. McLaughlin, president and chief executive officer of PDL. “As we look to 2017, we will focus our efforts on Noden product commercialization, along with acquiring additional specialty pharma assets, to drive value creation for PDL and our shareholders.”
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